What is bitcoin?

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Bitcoin is the first, and the biggest, 'cryptocurrency' – a decentralised tradeable digital asset. The lack of any central authority makes bitcoin remarkably resilient to censorship, corruption – or regulation. That means it has attracted a range of backers, from libertarian monetarists who enjoy the idea of a currency with no inflation and no central bank, to drug dealers who like the fact that it is hard (but not impossible) to trace a bitcoin transaction back to a physical person. The exchange rate has been volatile, making it a risky investment. Whether it is a bad investment is yet to be seen. In practice it has been far more important for the dark economy than it has for most legitimate uses, but with Facebook's announcement that it is launching a new digital currency - Libra - mainstream interest in bitcoin has surged.

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Gaston Browne, the prime minister of Antigua and Barbuda, said: “We expect the resort’s novel and exciting concept to broaden Antigua and Barbuda’s tourism product and bring a new category of tourists to our islands. We look forward to working with Mr Ayre on this resort and the many other investments he has made in Antigua.”

Ayre, 56, to whom Antigua and Barbuda has given the official title of “his excellency”, said: “This resort will attract a totally new market segment of tourism on the island — successful wellness-seekers who also want to have fun. The property will not be an all-inclusive destination. Instead, its amenities will be available to residents of Antigua and Barbuda and visitors alike.”

The resort will accept bitcoin cash, which forked from bitcoin last year, at point of sale terminals on the property and through its online booking engine.

Calvin Ayre: web gambling's king of bling takes a chance on the regulator

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The success of Bodog attracted the attention of US authorities when Forbes magazine profiled Ayre with a front cover entitled: “Catch Me If You Can: Calvin Ayre has gotten very rich by taking illegal bets over the internet.”

Ayre said his actions were legal because of a complex series of financial transactions on three different continents. Felony charges against Ayre, Bodog and three other Canadian men were dropped last year.

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